Argentina car sales down 11% in 2018

Argentina registered 802,992 new light vehicles in 2018, down 10.9% year-over-year, according to the country's automobile dealers association ACARA.

This is a stark contrast from the year before when South America's second largest automobile market saw an increase of 26.9% to 900,922 units.

In 2018, Argentina increased its benchmark interest rate to 60% - the highest in the world - to stop the weakening of its local currency. The Argentinean peso lost approximately half its value agains the US dollar last year.